Annual Report 2012 - ffiec

Excerpts from Statute
Governing Appraisal
Subcommittee
12 U.S.C. § 3332. Functions of
Appraisal Subcommittee
(a) In general
The Appraisal Subcommittee
shall—
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(1) monitor the requirements
established by States—
(A) for the certification
and licensing of individuals
who are qualified to perform
appraisals in connection with
federally related transactions,
including a code of professional
responsibility; and
(B) for the registration and
supervision of the operations
and activities of an appraisal
management company; and
(2) monitor the requirements
established by the Federal financial
institutions regulatory
agencies with respect to—
(A) appraisal standards for
federally related transactions
under their jurisdiction, and
(B) determinations as to
which federally related transactions
under their jurisdiction
require the services of a
State certified appraiser and
which require the services of a
State licensed appraiser;
(3) maintain a national registry
of State certified and licensed
appraisers who are eligible to
perform appraisals in federally
related transactions; and
(4) Omitted.
(5) transmit an annual
report to the Congress not later
than June 15 of each year that
describes the manner in which
each function assigned to the
Appraisal Subcommittee has
been carried out during the pre-
ceding year. The report shall
also detail the activities of the
Appraisal Subcommittee, including
the results of all audits of
State appraiser regulatory agencies,
and provide an accounting
of disapproved actions and
warnings taken in the previous
year, including a description of
the conditions causing the disapproval
and actions taken to
achieve compliance.
(6) maintain a national registry
of appraisal management
companies that either are registered
with and subject to supervision
of a State appraiser certifying
and licensing agency or
are operating subsidiaries of a
Federally regulated financial
institution.
(b) Monitoring and reviewing
Foundation
The Appraisal Subcommittee shall
monitor and review the practices,
procedures, activities, and organizational
structure of the Appraisal
Foundation.
12 U.S.C. § 3333. Chairperson of
Appraisal Subcommittee; term of
Chairperson; meetings
(a) Chairperson
The Council shall select the Chairperson
of the subcommittee. The
term of the Chairperson shall be
two years.
(b) Meetings; quorum; voting
The Appraisal Subcommittee shall
meet in public session after notice
in the Federal Register, but may
close certain portions of these
meetings related to personnel and
review of preliminary State audit
reports, at the call of the Chairperson
or a majority of its members
when there is business to be conducted.
A majority of members of
the Appraisal Subcommittee shall
constitute a quorum but 2 or more
members may hold hearings. Deci-
sions of the Appraisal Subcommittee
shall be made by the vote
of a majority of its members. The
subject matter discussed in any
closed or executive session shall be
described in the Federal Register
notice of the meeting.
Excerpts from Home Mortgage
Disclosure Act
12 U.S.C. § 2801. Congressional
findings and declaration of purpose
(a) Findings of Congress
The Congress finds that some
depository institutions have sometimes
contributed to the decline of
certain geographic areas by their
failure pursuant to their chartering
responsibilities to provide adequate
home financing to qualified
applicants on reasonable terms
and conditions.
(b) Purpose of chapter
The purpose of this chapter is to
provide the citizens and public
officials of the United States with
sufficient information to enable
them to determine whether depository
institutions are filling their
obligations to serve the housing
needs of the communities and
neighborhoods in which they are
located and to assist public officials
in their determination of the
distribution of public sector investments
in a manner designed to
improve the private investment
environment.
(c) Construction of chapter
Nothing in this chapter is intended
to, nor shall it be construed to,
encourage unsound lending practices
or the allocation of credit.
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12 U.S.C. § 2803. Maintenance of
records and public disclosure
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